Operating revenue topped $98bn in 6m26, 16% up y/y. APAC enjoyed the strongest gains, led by fee income from equities, structured products and discretionary mandates; substantial net new money inflows, particularly cross‑border from China into Hong Kong and Singapore; and robust client acquisition across UHNW and Affluent segments. AMER also advanced, supported by exceptionally strong equity markets and record managed‑account inflows; and EMEA contributed meaningfully. Costs also grew, but at a much slower pace, supporting a 27% increase in pre-tax profits. Semi-liquid private equity funds are beginning to face rising redemption requests, with one major player already enforcing quarterly caps